What’s the most important aspect of a flourishing business? Some would say its marketing campaign, a necessary component of reaching out to repeat visitors and would-be customers alike. Yet others would say it’s in the consistent quality of products and services, cultivating a memorable reputation no matter the season or time of day. Yet more businesses are becoming privy to the art of crafting a good benefits plan, as an employee that doesn’t feel secure in their day-to-day obligations works less efficiently and is more likely to leave for greener pastures. Employee turnover and job dissatisfaction is a key issue that many companies and small businesses alike are seeking to remedy with full-time employee benefits programs and group health insurance.
Let’s start off this list with a common issue facing many businesses today. One of the biggest problems facing employers is employee turnover, when workers up and leave after a short period of time due to incompatibility or dissatisfaction. Statistics have found over $11 billion every year lost to employee turnover and a recent survey saw nearly half of all Millennials saying they would, if given the choice, leave their current employer within the next two years.
A prevalent issue that has continued for decades still is the wage gap between genders. Even now women are still less likely to be promoted and maintain lower paygrades than their male counterparts and struggle with lower job satisfaction rates overall. Studies have shown 75% of women not agreeing they are paid equally, compared to 50% of men. Factors such as the wage gap and employee turnover are cited as key components of job dissatisfaction.
There are many ways to encourage job satisfaction in your work space, with one of the most reliable being a solid benefits plan accessible to your employees. Employees who don’t feel properly compensated and looked after will be more likely to leave their place of business, which can contribute to stress and poor health. Only half of all employees, for example, reported they’re confident in their ability to find a new job in the next 12 months, with around 35% saying they’ll search for a new job if they don’t receive a pay raise. Job satisfaction includes, but is not limited to, feeling confident in one’s work, secure in one’s surroundings and being more physically and emotionally healthy.
Jobs without employee benefits are more likely to discourage job satisfaction and leave employees stressed, distracted and prone to mental illness like depression and anxiety. Employees who are engaged and have a high sense of well-being and self-worth are more likely to recover quickly from illness or personal setbacks, while actively disengaged workers are twice as likely to be diagnosed with depression.
Establishing Employee Group Benefits
A benefits plan should cover basic healthcare for all your employees, such as dental and eyecare, to encourage better job satisfaction and mental health during their employment. Companies that offered accessible benefits were 66% more likely to be recommended as a great place to work. Paid leave continues to be the most common benefit, available to an estimated 77% of employees, followed by paid vacation. According to a recent Gallup poll, companies that increase both the rate of engaged workers and managers earn nearly 150% more than their competition. A benefits plan improves the mental health of your employees and increases the long-term success of your business, so consider looking into benefits program for your business today.